Spahn, Peter
Unconventional views on inflation control : forward guidance, the neo-Fisherian approach, and the fiscal theory of the price level
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URN: urn:nbn:de:bsz:100-opus-14643
URL: http://opus.uni-hohenheim.de/volltexte/2018/1464/
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| SWD-Schlagwörter: |
| Inflation , Geldtheorie |
| Freie Schlagwörter (Englisch): |
| interest rate policy , zero-lower bound , low-growth equilibrium |
| Institut: |
| Institut für Volkswirtschaftslehre |
| DDC-Sachgruppe: |
| Wirtschaft |
| Dokumentart: |
| ResearchPaper |
| Schriftenreihe: |
| Hohenheim discussion papers in business, economics and social sciences |
| Bandnummer: |
| 2018,02 |
| Sprache: |
| Englisch |
| Erstellungsjahr: |
| 2018 |
| Publikationsdatum: |
| 05.03.2018 |
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Veröffentlichungsvertrag mit der Universitätsbibliothek Hohenheim
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| Kurzfassung auf Englisch: |
| In recent years, various "unconventional" views have been advanced that promise to offer new analytical insights and policy approaches that are suited to control the value of money, particularly in a constellation of low growth and unemployment. Whereas Forward Guidance attempts to decrease the real interest rate by low nominal rates and by creating excessive inflationary expectations, the Neo-Fisherian approach suggests to increase nominal rates immediately to the long-run equilibrium value that corresponds to the inflation target. The Fiscal Theory of the Price Level believes that goods prices jump to a level that validates the long-run sustainability condition of government debt. All three views are criticized for analytical and empirical reasons. |
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